In a joint letter sent to Congress, 19 consumer and financial industry organizations urged lawmakers to protect the third round of economic impact payments (EIPs) from garnishment so the money gets to the families who most need it. Allowing EIPs to be garnished could impose significant burdens on some families, who are facing unprecedented circumstances during the ongoing pandemic.
These EIPs are intended to help families purchase food and other necessities to make ends meet. Many people were already struggling prior to the coronavirus crisis and millions have now been laid off or had their hours cut. However, EIPs from the American Rescue Plan Act of 2021 are not exempt from garnishment, unlike the second round of EIPs from the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.
Bank Activities and Structure
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion
BPI Statement Before the U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology and Inclusion
Consumer Affairs
Limiting Medical Payment Options Won’t Deter Costs but Will Reduce Access to Services
Limiting Medical Payment Options Won’t Deter Costs but Will Reduce Access to Services
Bank Capital and Stress Testing
BPI and ABA to Regulators: Capital Increases, Court Uncertainty Could Complicate Banks’ CRA Programs
BPI and ABA to Regulators: Capital Increases, Court Uncertainty Could Complicate Banks’ CRA Programs
